Debt Settlement
FAQ

1. Why not just handle my debt problems myself?

Canada Debt Settlements are experts in credit and debt negotiations. Our company has worked with creditors for years before, and we can work out a deal that would not be available to an average consumer. Our staff is well-versed in the Collection Agencies Act and other aspect of consumer debt law.

2. How fast can I expect Canada Debt Settlements to begin my debt settlement?

Upon acceptance of our debt settlement services, your creditors will receive prompt notification of our intentions in addition to initiation of the settlement process. Canada Debt Settlements is unique in that we settle your debt only if your settlement account has the settlement funds. There is no necessity for paying any kind of fee to begin our work

3. Is it possible that my creditors will NOT settle my debts?

Creditors rarely refuse to settle. Similar to any other type of negotiation, offers are normally followed by counter-offers. More often than not, a settlement is obtained. It is in the best interest of creditors to reach a settlement and they realize it. Filing for bankruptcy protection may leave the creditor with only a few sparse physical assets.

4. Will annoying Creditors continue to give me phone calls?

Debt Settlements is well-versed in the area of debt recovery legislation. Immediately after becoming a part of our clientele, legal paperwork are sent to either creditors or their handlers. collection agencies all written or verbal inquiries and communications should be forwarded to CDS. Contacting our clients again in any manner is illegal. you will not receive any calls at all as long as we work for you. If you desire we will keep you informed on every bit of communication that is made on your behalf.

5. Should I continue to make payments on my credit card debt?

Legitimate debt settlement firms will never tell you to stop paying the minimum payments on your credit cards. One thing you have to commit to is honouring your obligations to the creditors throughout the debt settlement process.

6. How can I expect to see my credit report score affected?

Contrary to credit counseling and bankruptcy , participation in our debt settlement program will NOT appear on your credit report. Enrollment in our debt relief program will not appear on credit reports sent to employers, landlords or other organizations. Your credit rating won't get any worse if your accounts are already in collections. You'll also maintain an R9 showing settled in full. If your creditor accounts have not yet gone to collections then your current credit score is what will affect your credit.

7. What makes Canada Debt Settlements a better choice than a non-profit organization?

The majority of charitable and/or philanthropic organizations require not only a large retainer fee but also that you stay within a monthly budget. While you still have to pay the overwhelming balance as well as the interest, it might be possible for them to lower your interest rate by a few points.

The Canadian agency known as the Financial Consumer Agency of Canada. FCAC Advisory/Warning:

The Canadian agency known as the Financial Consumer Agency of Canada. FCAC requests that Canadian citizens look into a credit counseling business prior to opening up about an agreement.

Consumers should understand the differences in both fee structure and services provided, when considering the difference between for-profit and "not-for-profit" credit counseling agencies.

8) How much time will pass before I am free of my debts?

Negotiations will begin immediately and it could be as little as a week before we can show you letters from your creditors stating their counter offers.

9. Can I expect Canada Debt Settlements to keep my personal financial records safe from 3rd parties?

Of course. Confidentiality when it comes to your finances is very important. Your debt reduction account can only be accesses by staff you authorized. We will inform creditors that we are helping you organize your finances. Moreover, as Canada Debt Settlements do not keep the Credit Bureau informed, you can be peaceful that in no way other creditors will come to know your availing unsecured debts.

10. Why would a creditor consent to shrink my debt?

Due to the high levels of debt, your creditors are now willing to work with us to explore debt settlement options. Hundreds of creditors will work with Canada Debt Settlements due to their firmly established relationships. It is more desirable to creditors that you seek the assistance of a debt reduction agency like ours, rather than for you to file for bankruptcy protection as many Canadians do.

11. Is debt reduction the same concept to going bankrupt?

No way! If you still want to pay back your creditors and honor your obligation then debt reduction is your best method. However, in times of economic difficulty, many of these people will turn to a program in order to convince their creditors to reduce the debts they hold. Bankruptcy dissolves all your debts and obligations, but will damage your credit in the long run.

12. Is the sacrifice of all my credit cards truly necessary?

That is not the case. Different from other Consumer Credit Counseling (Non-Profit)you need only to enroll the debts that you want to be reduced with Preferred Financial Services

Learn more facts about what debt options are available to you by speaking with a Canada Debt Settlements Consultant today!

Call now 1.877.475.3939
while time is on your side.

Canada Debt Settlements will help you solve your DEBT PROBLEMS!
Call 1-877-475-3939